La. Budget Project wants deeper cuts for film tax credits
BATON ROUGE- The Louisiana Budget Project wants to triple the cap being proposed for the film industry's tax credit program.
LBP Director Jan Moller said the cap should be $100 to $150 million at most, without the option to roll over unused credits to the next year. Moller is pushing for a large-scale scale rollback of tax credits to corporations in the midst of the state's $1.6 billion deficit.
New Orleans Democrat State Senator, Jean-Paul Morrell, has filled a bill to cap the credits at $300 million. According to Morrell, there's no point to cutting the credits any further.
"What we do with film or any tax credit program that's currently this far in the process, has no ability to help the budget next year," said Morrell, "so the budget apocalypse happens regardless of what happens today."
The most the industry has ever used in in tax credits for one year was $251 million. Film industry leaders say the their tax credits account for two percent of all Louisiana tax credits.